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Bank charges: People 'interested in salary sacrifice'

More people are expressing interest in salary sacrifice schemes, in a bid to build up their pensions and obtain childcare vouchers, an expert has claimed.

As money becomes tighter, people whose finances are stretched beyond breaking point could quickly be facing significant bank charges if they fall into their overdrafts.

With this in mind, financial advice consultancy Lorica believes there is growing awareness of the concept of salary sacrifice, which lets people divert money from their wages towards things that will be in their long-term interest.

Matt Duffy, partnership manager for the consultancy, said: "This [interest] has predominantly been around things like pensions, childcare vouchers and cycle-to-work schemes, which have got people thinking a lot more about the tax efficiencies that can be driven through the workplace."

He was speaking after a recent survey by Standard Life indicated that 63 per cent of people think that £140 a week would not be enough for them to live on.

That is despite the fact that the government has proposed this amount as the basic state pension.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800547122-ADNFCR

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